reports
- Jonathan Chaplin
EchoStar: Quick thoughts following the call
In this brief note, we cover: 1) securitizable spectrum value; 2) when cash runs out; 3) the implications of the DBS lawsuit for raising new capital; 4) operating improvements in prepaid wireless; 4) progress on cost savings; 5) preliminary thoughts on a new strategy in postpaid wireless.
- Jonathan Chaplin
SATS 1Q24 Quick Take: Operating trends fine; focus will be on capital ...
Operating results were generally a bit better than expected. The Company appears to be doing what it can to preserve cash. The cash burn was $100MM higher than we expected and $200MM higher than consensus expected. We estimate that the Company has enough cash to get through the next two quarters, but barely.
IFF Chief Financial and Business Transformation Officer Glenn Richter ...
NEW YORK--(BUSINESS WIRE)-- IFF (NYSE: IFF) today announced that Glenn Richter, IFF’s Chief Financial and Business Transformation Officer, plans to retire Dec. 31, 2024 after a three-year tenure with the company. A succession process has been initiated to evaluate internal and external candidates to succeed Richter as CFO. “During his time at IFF, Glenn has driven multiple actions to improve our balance sheet and position the company for financial success,” said Erik Fyrwald, IFF CEO. “We have benefited from his experience and commitment to transformation. Notably, the work he has led on por...
IFF Reports First Quarter 2024 Results
NEW YORK--(BUSINESS WIRE)-- IFF (NYSE: IFF) reported financial results for the first quarter ended March 31, 2024. First Quarter 2024 Consolidated Summary: Reported (GAAP) Adjusted (Non-GAAP)1 Sales Income Before Taxes EPS Operating EBITDA Operating EBITDA Margin EPS ex Amortization $2.9 B $115 M $0.23 $578 M 19.9% $1.13 Management Commentary "We have started the year well, with good results across the majority ...
- Blair Levin
NSR Policy: ACP’s Perils of Pauline
In this Weekend Update, we review the multiple activities affecting the prospects for an ACP extension, including one legislative solution that was pulled from a mark-up, a Senate hearing on the subject, and an effort to attach an extension to FAA reauthorization. Our bottom line remains: 1. With the ACP funds about to run out, recipients in May or June are likely to start having to make hard choices about what they are willing to pay for. 2. We agree with the consensus in government and indus...
IFF Declares Dividend for Second Quarter 2024
NEW YORK--(BUSINESS WIRE)-- IFF (NYSE: IFF) announced that its Board of Directors has declared a regular quarterly cash dividend of $0.40 per share of its common stock, payable on July 10, 2024 to shareholders of record as of June 21, 2024. Welcome to IFF At IFF (NYSE: IFF), an industry leader in food, beverage, scent, health and biosciences, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners ...
German American Bancorp, Inc. (GABC) Reports First Quarter 2024 Earnin...
German American Bancorp, Inc. (GABC) Reports First Quarter 2024 Earnings JASPER, Ind., April 29, 2024 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq: GABC) reported first quarter 2024 earnings of $19.0 million, or $0.64 per share, compared to earnings of $21.5 million, or $0.73 per share, for fourth quarter 2023, and earnings of $20.8 million, or $0.71 per share, for first quarter 2023. First quarter 2024 operating performance was highlighted by strong linked quarter commercial real estate and retail organic loan growth, linked quarter non-public fund deposit growth, str...
- Blair Levin
NSR Policy: The Interconnections of ACP, Spectrum, Title II, and the S...
In this weekend update, we reconsider our initial takes on several events last week and how they could be affected by events this week. Specifically, we look at the interplay of the FCC’s Title II Order, the Second Circuit opinion upholding New York State’s mandate for ISPs to offer low-income households a low-cost broadband offering, Senator Cantwell’s draft spectrum bill, and how all are affected by the end of ACP funding in the next few weeks.
- Blair Levin
IFF to Release First Quarter 2024 Results on May 6, 2024
NEW YORK--(BUSINESS WIRE)-- IFF (NYSE:IFF) today announced that it will release its first quarter 2024 earnings results following the market close on Monday, May 6, 2024. The management team will host a live webcast on Tuesday, May 7, 2024 at 9:00 a.m. ET to discuss results and outlook with the investor community. Investors may access the live webcast and accompanying slide presentation on the Company's website at . For those unable to listen to the live webcast, a recorded version will be made available for replay. Welcome to IFF At IFF (NYSE: IFF), an industry leader in food, beverage, h...
- Blair Levin
NSR Policy Update: Will ACP be Saved by Discharge Petition?
Tuesday, Rep. Yvette Clarke (D–New York) filed a discharge petition calling for a floor vote on the ACP Extension Act. The petition requires 218 signatures to be successful. In this note we analyze whether this effort is likely to be successful.
- Blair Levin
NSR Policy: The DoD’s Spectrum Game
This week we cover spectrum issues, with a particular focus on the implications of last week’s Department of Defense (DoD) report on the feasibility of sharing the 3.1 – 3.45GHz band with wireless carriers. Our New Street colleagues published a note describing the report and its implications for DISH/SATS, T, VZ, and TMUS.
- Jonathan Chaplin
SATS: Shuffling Assets and Cash
Last week, EchoStar released its 10-K’s for DBS, Dish Networks, and Hughes. With these filings, we can see all the movements of cash between entities in the fourth quarter, and most of the shuffling in the first quarter. In this note, we review these cash transfers as well as the internal spectrum sale that helped fund Networks through the first quarter.
Moody's affirms International Flavors & Fragrances' Baa3 rating; outlo...
Moody's Ratings (Moody's) affirmed International Flavors & Fragrances, Inc.'s ("IFF") Baa3 issuer rating, Baa3 senior unsecured debt rating and its Prime-3 (P-3) rating for commercial paper. The outlook was changed to stable from negative. The stabilization of the outlook follows the company's rec...
- Jonathan Chaplin
DoD spectrum report released – implications for Dish, Verizon, AT&T, a...
The DoD released its report on the feasibility of sharing the 3.1 – 3.45GHz band with Wireless Carriers. The report concludes that sharing is feasible if certain conditions are met. It also makes clear that meeting the conditions will be challenging. The ability of carriers to share the band, and the timing of its availability have important implications for the value of Dish’s spectrum and for the businesses of the national carriers generally. We cover both in this brief report.
IFF Completes Divestiture of Cosmetics Ingredients Business
NEW YORK--(BUSINESS WIRE)-- IFF (NYSE: IFF) today announced that it has completed the previously announced divestiture of its Cosmetic Ingredients business to Clariant, a sustainably focused specialty chemicals company. As a part of Clariant, the business will continue to deliver innovative ingredients for the cosmetic and personal care product portfolio. “At IFF, our strategic transformation is focused on bringing leading innovation to best serve target customers in our core businesses,” said IFF CEO Erik Fyrwald. “To do this, we are optimizing and streamlining our portfolio to drive simpli...
- Blair Levin
NSR Policy: Net Neutrality: It’s Back!
This week, we focus on the FCC’s upcoming Net Neutrality order, which is likely to be made public on Thursday and voted on April 25. The big picture is that the item will be approved on a 3-2 vote and largely resemble the 2015 order. As we have been in the past, we are skeptical that the rules will be material to the financial performance of the ISPs but there are a few interesting nuances to this iteration.
Avalo Therapeutics Appoints Biotech Leaders to Board of Directors
Avalo Therapeutics Appoints Biotech Leaders to Board of Directors Appointments include industry veterans Aaron Kantoff, Jonathan Goldman, and Samantha Truex as Independent DirectorsBoard of Director appointments in conjunction with Avalo’s recent acquisition of AVTX-009, an anti-IL-1β mAb, and up to $185 million private placement financing WAYNE, Pa. and ROCKVILLE, Md., April 02, 2024 (GLOBE NEWSWIRE) -- Avalo Therapeutics, Inc. (Nasdaq: AVTX) today announced the addition of multiple biotech leaders to its Board of Directors. The Avalo Board brings together a team with expertise spannin...
Avalo Reports 2023 Financial Results and Provides Business Updates
Avalo Reports 2023 Financial Results and Provides Business Updates Acquired AVTX-009, Phase-2 ready anti-IL-1β mAb, in March 2024Increased cash position with private placement financing in March 2024 providing up to $185 million, including initial upfront investment of $115.6 millionTopline results from planned Phase 2 trial of AVTX-009 in hidradenitis suppurativa expected in 2026Expected cash runway into 2027 WAYNE, Pa. and ROCKVILLE, Md., March 29, 2024 (GLOBE NEWSWIRE) -- Avalo Therapeutics, Inc. (Nasdaq: AVTX), today announced business updates and year-end financial results for 2023....
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